National, India | August 11, 2026 — Skydo, a cross-border payments platform for businesses, has surpassed $1 billion in annualized payment volume, serving more than 50,000 businesses globally. The milestone follows the company’s $10 million Series A funding round in December 2025 and comes as Skydo expands its regulatory footprint, strengthens its leadership team, and broadens its cross-border payments infrastructure.
Over the past year, Skydo has secured several regulatory milestones across key markets. These include final Reserve Bank of India (RBI) authorization as a Payment Aggregator-Cross Border (PA-CB), approval to support domestic and outward payments, in-principle Payment System Provider (PSP) authorization from the International Financial Services Centers Authority (IFSCA) in GIFT City, and its first international payment license in Canada.
Together, these approvals support Skydo’s strategy to build a broader cross-border payments platform spanning international collections, payouts and multi-currency capabilities.
Expanding Infrastructure for Global Indian Businesses
Skydo’s growth comes amid increasing international activity among Indian businesses. According to the Ministry of Commerce & Industry, India’s combined merchandise and services exports reached a record US$860 billion in FY2025-26, while imports exceeded US$979 billion, reflecting the expanding scale of the country’s international trade ecosystem.
As businesses expand globally, their payment requirements increasingly extend beyond receiving money from overseas customers. Companies also need to make payments to international vendors, software providers, contractors and business partners, creating demand for infrastructure that can support multiple cross-border payment flows while addressing compliance and operational requirements.
Skydo is positioning its platform to address these requirements by bringing collections, payouts and compliance capabilities together within a single infrastructure layer.
Strengthening the Team Across Key Markets
To support its next phase of growth, Skydo has expanded its leadership and operational teams across India, the United States and GIFT City.
Ankit Arora, a former Amazon technology leader, has joined the company to lead Engineering, while Varnika Menghnani, an MBA graduate of Harvard Business School, has joined to oversee Skydo’s expansion in the United States.
More recently, Shekhar Tejwani, who has previous experience working in GIFT City, joined as Principal Officer and became Skydo’s first GIFT City-based hire. The company has also expanded its risk and compliance, product and growth teams as it builds capabilities to support its international operations.
“We’ve spent the last few years earning the trust of 50,000 businesses. The next phase is about compounding this trust through serving customers with new products across more payment corridors,” said Srivatsan Sridhar, Co-Founder and CEO, Skydo.
Targeting $5 Billion in Annualized Payment Volume
Skydo plans to expand into additional geographies, develop new payment corridors and introduce financial products designed for businesses operating internationally. The company aims to process more than $5 billion in annualized payment volume within the next two years.
“Our ambition has always been to build for the world, from India. The team we’re building reflects where the business is headed. Strengthening our presence in the US, expanding engineering capabilities, and building from GIFT City position us well for the next phase of global growth,” said Movin Jain, Co-Founder, Skydo.
Skydo currently enables businesses to manage international collections and payouts through transparent pricing, automated compliance processes and local payment infrastructure. Its platform supports payments across more than 150 countries, with the company continuing to expand its product capabilities and international payment network.
About Skydo
Skydo is a cross-border payments platform designed for businesses that sell, buy and hire internationally. The company provides infrastructure for international collections and payouts, with a focus on transparent pricing, convenience and compliance.
With regulatory approvals across India, GIFT City, and Canada, Skydo is building a global payments network for businesses. Backed by Elevation Capital and Susquehanna Asia Venture Capital, the company serves more than 50,000 businesses, supports payments across more than 150 countries and processes more than $1 billion in annualized payment volume.
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